Restructuring my HGVC holdings

[CalGalTraveler]

@brp congrats on passing ROFR. What company are you using for 3.5%?

Plastiq.com charges 2.5% and they frequently have promotions. If you don't have an account, there is a referral code where you can get 500 Fee Free Dollars (Full Disclosure: I get a referral bonus too). I sent you a PM with the promo code if you are interested.

 

[brp]

This is the timeshare company themselves. They can take cards, but charge the fairly high fee. They clearly state this on the eBay ads, though. In the end, I would have saved $5 with a 2.5% fee (although I guess I would have saved the whole $17.50 with the sign-up promotion ), so not a big deal. I've looked at Plastiq but, since our tax payments are lower than this, and we can't use it to pay our mortgage the way we want (that would be the big win), not all that much use for us.

Cheers.

 

[Bao Nguyen]

This is the timeshare company themselves. They can take cards, but charge the fairly high fee. They clearly state this on the eBay ads, though. In the end, I would have saved $5 with a 2.5% fee (although I guess I would have saved the whole $17.50 with the sign-up promotion ), so not a big deal. I've looked at Plastiq but, since our tax payments are lower than this, and we can't use it to pay our mortgage the way we want (that would be the big win), not all that much use for us.

Cheers.

I rather pay with credit card, my last ebay deal, fell apart. Much easy for me to call my Amex to revert the charge. I like protection.

 

[brp]

Interestingly, I also asked the same folks about selling my Flamingos. It seems that they are not actually a listing agent, but buy the timeshares from the seller and then sell themselves. Not an upfront-fee sort of thing. Haven't heard of this model. The offer they made for the Flamingo units was not all that attractive, though

Cheers.

 

[Bao Nguyen]

are you dealing with GC Getaways & Transfer Outlet, LLC?? I'm working with them right now with Elara deal. They are not listing agent , original owner has to transferred to them, then they can transfer to me. I'm just wondering these companies like Timeshare exit, paid them upfront and they help you exit Timeshare.

 

[brp]

are you dealing with GC Getaways & Transfer Outlet, LLC?? I'm working with them right now with Elara deal. They are not listing agent , original owner has to transferred to them, then they can transfer to me. I'm just wondering these companies like Timeshare exit, paid them upfront and they help you exit Timeshare.

This is The Timeshare Group, LLC. They're not an exit company in that I don't pay them (well, I have to pay them for the units I'm buying from them ). They simply buy the units from me and then sell onntheir own.

Cheers.

 

[GT75]

This is The Timeshare Group, LLC. They're not an exit company in that I don't pay them (well, I have to pay them for the units I'm buying from them ). They simply buy the units from me and then sell on their own.

That is interesting, are you also going to use them then to unload your Flamingos units? If so, please report back.

 

[brp]

That is interesting, are you also going to use them then to unload your Flamingos units? If so, please report back.

Well, their offer is lower than I would have expected (probably shouldn't list numbers as I don't want this to look like an ad, although I don't want to sell that that price ), so I don't think I will go with this. OTOH, it does get things resolved pretty quickly.

Cheers.

 

[GT75]

Well, their offer is lower than I would have expected (probably shouldn't list numbers as I don't want this to look like an ad, although I don't want to sell that that price ), so I don't think I will go with this.

Thanks for the information (and also not listing the price). I would think that is to be expected if this company is legit.

 

[brp]

Thanks for the information (and also not listing the price). I would think that is to be expected if this company is legit.

I think that they really are. They want to buy from people who just want to get out, and they buy low to cover their operating costs on the sale. Really kinda like the way that the direct timeshare purchase sells high as that is what covers their costs. Since there are certainly people who just want out, there's a reason that, as I was told, they sell 5-6 timeshares a day, and have the bulk of the HGVC listings that I generally see on eBay.

The flip side of this is that a traditional broker has a fee and, after taking this into account, these guys are low, but not ridiculously so.

Cheers.

 

[CalGalTraveler]

I think that they really are. They want to buy from people who just want to get out, and they buy low to cover their operating costs on the sale. Really kinda like the way that the direct timeshare purchase sells high as that is what covers their costs. Since there are certainly people who just want out, there's a reason that, as I was told, they sell 5-6 timeshares a day, and have the bulk of the HGVC listings that I generally see on eBay.

The flip side of this is that a traditional broker has a fee and, after taking this into account, these guys are low, but not ridiculously so.

Cheers.

I always wondered how they got their inventory. That sounds like a good service that the market needs. Kind of like home flipper. Sometimes people just want out quickly and legitimately and this provides an fast avenue without worrying about scam buyers and tire kickers. Besides listing oneself on Ebay would not have many reviews, so buyers may be wary and bid lower than normal.

I wonder if you could do the same by messaging other Ebay mega sellers such as Sumday and Discount Timeshares.

 

[natarajanv]

This is The Timeshare Group, LLC. They're not an exit company in that I don't pay them (well, I have to pay them for the units I'm buying from them ). They simply buy the units from me and then sell onntheir own.

Cheers.

Do they actually transfer the unit to their LLC ( incurring transfer fee + enrollment fee) and then sell it? BTW, did your estoppel list them as the owner?

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[brp]

Do they actually transfer the unit to their LLC ( incurring transfer fee + enrollment fee) and then sell it? BTW, did your estoppel list them as the owner?

Interesting point. They clearly don't formally transfer as the estoppel listed the real owners, not the LLC. They (the LLC) were authorized to negotiate for and sign for the sellers. I had figured that this was just the arrangement for this deal, but it seems that this is the way they operate. However, without the formal transfer, not sure how they relieve us of the ownership/MF burden prior to their actual sale of the unit.

Cheers.

 

[GT75]

Interesting point. They clearly don't formally transfer as the estoppel listed the real owners, not the LLC. They (the LLC) were authorized to negotiate for and sign for the sellers. I had figured that this was just the arrangement for this deal, but it seems that this is the way they operate. However, without the formal transfer, not sure how they relieve us of the ownership/MF burden prior to their actual sale of the unit.

Cheers.

Interesting. If that is case then I certainly wouldn’t deal with them to sell my TS. They aren’t buying it then.

 

[brp]

Interesting. If that is case then I certainly wouldn’t deal with them to sell my TS. They aren’t buying it then.

I'm not really sure what's going on. All review for them I've seen (including something recent on the ROFR thread) are very positive on the buying end. So they are getting inventory from somewhere. And he offered me money up front, so there is some way in which they are taking this from me and selling it on their own.

If I do actually consider their offer, I think I need to call and ask come questions. I do believe they're legit, and it's just that I don't fully understand their model.

From looking at the docs I have, it would appear that, for a cash consideration, we would turn over control of the unit to the LLC to do with as they please. That all sounds good except for the "what if they don't sell it and 2020 MFs become due" question.

Cheers.

 

[natarajanv]

The monkeys have passed on this one (was sent to ROFR on 9/13, got the notification early).

Now I just have to decide if I really want to pay the remaining $6422 via Cashier's Check (and save the $225 in CC fees), or go for the points and added protection

If I don't sell the Flamingo units, there's always the Raiders in 2020

Cheers.

Did you get the copy of the waiver or was it just verbal. I heard that hgvc stopped sending it via email/fax and sends by snail mail which takes few extra days.

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[brp]

Did you get the copy of the waiver or was it just verbal. I heard that hgvc stopped sending it via email/fax and sends by snail mail which takes few extra days.

I have a scan of a hand-signed waiver document as part of the doc package I got. It's in the same document as another copy of the estoppel. I had requested one before sending any earnest money and got it then as well.

Cheers.

 

[CalGalTraveler]

Please share if you find out how they work. It sounds like they dont change name on the account to avoid fees. They also have some limited power of attorney rights.

 

[brp]

Please share if you find out how they work. It sounds like they dont change name on the account to avoid fees. They also have some limited power of attorney rights.

Power of attorney definitely. He said so directly. But, since there is no name change, we'd likely still be liable for MFs if it turned the new year (or 2/15, really) before sale.

Side question: Is there anything wrong/unethical with listing in more than one place to get extra visibility for a sale, say a broker and Redweek?

Cheers.

 

[CalGalTraveler]

With broker why not. You will pay for ads.

I wonder if you could do 2 brokers tho.

 

[brp]

Well, there guys are fast, and the POA that they have really makes things quick. Got the ROFR waiver notice Friday. Dropped a Cashier's Check in the mail Saturday. Today got notice that the deed is signed and recorded, paperwork sent to HGVC. They are estimating 10-14 days.

Cheers.

 

[natarajanv]

Well, there guys are fast, and the POA that they have really makes things quick. Got the ROFR waiver notice Friday. Dropped a Cashier's Check in the mail Saturday. Today got notice that the deed is signed and recorded, paperwork sent to HGVC. They are estimating 10-14 days.

Cheers.

Wow. That was fast. Did you do all the paperwork electronically? Since the agent acts as a seller with POA, and may be with in house Notary public, they were not waiting on anyone except to receive your cashiers check i guess.... I just read about erecording, its amazing that the whole thing takes only a few minutes to record.

 

[brp]

Wow. That was fast. Did you do all the paperwork electronically? Since the agent acts as a seller with POA, and may be with in house Notary public, they were not waiting on anyone except to receive your cashiers check i guess.... I just read about erecording, its amazing that the whole thing takes only a few minutes to record.

Interestingly, no. Earnest money by CC (so that was electronic). Purchase doc and Cashier's Check by mail. From California to Florida, no less. The recording may well have been electronic given how fast it was. Now I see just how slow HGVC can be, although they were very quick on the ROFR waiver.

Cheers.

 

[CalGalTraveler]

Recording in Las Vegas is electronic and fast. We worked with a closing agency based in Florida for an HGVC Vegas unit and it only took about 46 days end to end with a hurricane closing the Florida office for a week.

 

[brp]

Coming back to wrap this up. The points showed up in our account today. So, from initial offer to points available was 47 total days. Not too bad. Now have 19,600 HGVC points and 5250 bHC points annually. Far more than we can use. Hope those Flamingos move

Cheers.